The Surface Pro 3 is thinner, faster, and has a larger (12-inch) screen. Microsoft is marketing it as a product that can replace both your laptop and your tablet.

It goes on sale Wednesday and starts at $799.

Microsoft's Surface boss, Panos Panay, spent an hour today pitching the new Surface as a device that does everything people want without compromise. It can run PC applications, yet still convert to a traditional tablet for casual computing when you need it.

According to Panay, most tablet users still need a laptop to work, so the Surface Pro 3 was built to address both issues. There's an optional redesigned keyboard cover that magnetically attaches to the front display so it can be easily used on your lap. (Although Panay's "lapability" demo still looked kind of awkward.)

The tablet is incredibly light and thin, just 800 grams and 9.1 mm thick, which is impressive for a device with full PC specs. It's also lighter than the MacBook Air, even with the keyboard cover attached.

Finally, it has a new stylus that supposedly provides a natural paper-and-pen feel when writing on the screen. You can use the stylus to remotely switch on the Surface by clicking a button.

We were live at Microsoft's event announcing the Surface Pro 3 earlier today. You can read the play-by-play of all the features in our live blog below.